Using the system, OneVue will now send monthly statements of holdings and transactions to enable platforms on the Calastone network.
As a result, Calastone is now automating more than 60 per cent of monthly reports issued by fund managers on its network.
Ross Fox, managing director, head of Australia and New Zealand at Calastone commented the majority of connected fund managers are using the network’s reporting capability, which shows that industry participants are embracing and benefiting from new ways of managing their fiduciary responsibilities.
“Calastone’s interoperable reporting solution converts statement information into a single file that allows fund managers and platforms to respectively send and receive monthly unit information, eliminating the need for copious emails, PDFs, faxes and manual portals that drag efficiency,” Mr Fox said.
“With OneVue joining other leading registries in advocating electronic reporting, the question around why manual practices persist grows louder within the industry.”
Richard Harris-Smith, deputy group chief at OneVue commented manual reporting has been a major source of risk and drag in the managed funds value chain, and can only be eliminated once all participants adopt automation.
“Until this happens there will be undue errors, data security risks, delays, and costs that unjustifiably inhibit innovation and best practice,” Mr Harris-Smith said.
“Platforms can now instantly digest and identify unit holding discrepancies with us, closing the timing gap on transaction queries that could otherwise take months to resolve.”
Calastone also offers automation with its order routing solution, automating the vast majority of wholesale managed fund transactions between platforms and fund managers.
“Manual processing that persists today needs to be reviewed against rising demands for accuracy, speed, security and transparency around processes and outcomes,” Mr Fox said.
“The faster and more accurate we can make reporting within the system, the more time and focus we can apply to delivering better client experiences and outcomes.”
Sarah Simpkins
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
